Pictet Asset Management Holding SA Raises Stake in Procore Technologies, Inc. (NYSE:PCOR)

Pictet Asset Management Holding SA increased its position in Procore Technologies, Inc. (NYSE:PCOR) by 12.8% in the fourth quarter, Holdings Channel.com reports. The fund owned 17,565 shares of the company’s stock after acquiring an additional 1,987 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Procore Technologies were worth $1,316,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of PCOR. Principal Financial Group Inc. raised its position in shares of Procore Technologies by 29,376.1% in the fourth quarter. Principal Financial Group Inc. now owns 2,679,964 shares of the company’s stock worth $200,810,000 after buying an additional 2,670,872 shares in the last quarter. Assenagon Asset Management S.A. boosted its position in shares of Procore Technologies by 99.4% during the 4th quarter. Assenagon Asset Management S.A. now owns 2,861,024 shares of the company’s stock valued at $214,377,000 after acquiring an additional 1,425,967 shares during the last quarter. Norges Bank purchased a new position in shares of Procore Technologies during the fourth quarter worth about $86,387,000. Meritage Group LP increased its position in shares of Procore Technologies by 66.6% in the third quarter. Meritage Group LP now owns 2,745,504 shares of the company’s stock worth $169,453,000 after purchasing an additional 1,098,019 shares during the last quarter. Finally, Vanguard Group Inc. raised its stake in Procore Technologies by 7.6% in the fourth quarter. Vanguard Group Inc. now owns 11,900,337 shares of the company’s stock valued at $891,692,000 after purchasing an additional 838,925 shares in the last quarter. Hedge funds and other institutional investors own 81.10% of the company’s stock.

Insiders Place Their Bets

In other news, major shareholder Iconiq Strategic Partners Ii, sold 1,074 shares of the business’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $87.40, for a total transaction of $93,867.60. Following the sale, the insider now owns 200 shares in the company, valued at approximately $17,480. The trade was a 84.30 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CRO Lawrence Joseph Stack sold 12,000 shares of the stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $82.92, for a total transaction of $995,040.00. Following the completion of the transaction, the executive now owns 161,368 shares of the company’s stock, valued at approximately $13,380,634.56. The trade was a 6.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 69,604 shares of company stock worth $5,427,468. Company insiders own 29.00% of the company’s stock.

Procore Technologies Price Performance

Shares of Procore Technologies stock opened at $57.11 on Friday. The business has a 50 day moving average of $74.39 and a 200 day moving average of $72.33. Procore Technologies, Inc. has a 52 week low of $49.46 and a 52 week high of $88.92. The company has a market cap of $8.56 billion, a PE ratio of -79.32 and a beta of 0.90. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 0.03.

Procore Technologies (NYSE:PCOR) last posted its earnings results on Thursday, February 13th. The company reported ($0.35) EPS for the quarter, missing the consensus estimate of $0.11 by ($0.46). Procore Technologies had a negative return on equity of 5.10% and a negative net margin of 9.20%. The company had revenue of $302.05 million during the quarter, compared to analysts’ expectations of $297.72 million. As a group, equities research analysts forecast that Procore Technologies, Inc. will post -0.15 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on PCOR shares. KeyCorp increased their price target on shares of Procore Technologies from $85.00 to $96.00 and gave the stock an “overweight” rating in a report on Friday, February 14th. Stifel Nicolaus lifted their price target on Procore Technologies from $84.00 to $93.00 and gave the stock a “buy” rating in a research note on Wednesday, December 18th. Jefferies Financial Group decreased their price objective on Procore Technologies from $100.00 to $90.00 and set a “buy” rating on the stock in a report on Monday, March 31st. Barclays upped their target price on Procore Technologies from $84.00 to $90.00 and gave the stock an “equal weight” rating in a research note on Friday, February 14th. Finally, Canaccord Genuity Group lifted their price target on shares of Procore Technologies from $83.00 to $97.00 and gave the stock a “buy” rating in a research note on Friday, February 14th. Four analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $89.65.

Procore Technologies Profile

Procore Technologies, Inc engages in the provision of a cloud-based construction management platform and related software products in the United States and internationally. The company’s platform enables owners, general and specialty contractors, architects, and engineers to collaborate on construction projects.